
==================================== General information ======================================================
 number of cross:                        11.0000 
 time period                           1977.0000 - 2017.0000 
 number of replication                10000.0000 
 Maximum number of breaks                 5.0000 
 Maximum number of frequencies            5.0000 

 Model:                                 flexible constant (without trend) 

 The long-run variance was estimated as in Sul, Phillips and Choi (2003) with the Bartlett kernel       
================================================================================================================


 =================================================================================================================
                     Critical values with :  10000.0000  replication and Bootstrape technique
 =================================================================================================================
                                PANKPSS        90           95          99          P-value
homogeneous panel_KPSS stat      0.1973       2.9101       3.7967       5.8114       0.4218 
homogeneous panel_KPSS stat      2.7737       5.9284       7.0208       9.5330       0.0028 


-----------------------------------------------------------------------------------------------
 KPSS stationary test with multiple sharp drifts and smooth breaks: Chang and Ranjbar(2012)    
-----------------------------------------------------------------------------------------------

      Bartlett      90%           95%         99% 
      0.1591       0.0895       0.1165       0.1715 
      0.1658       0.0595       0.0732       0.1084 
      0.1424       0.0791       0.0954       0.1318 
      0.3064       0.1055       0.1344       0.1894 
      0.2443       0.0721       0.0902       0.1325 
      0.0529       0.1331       0.1678       0.2458 
      0.0381       0.0934       0.1184       0.1733 
      0.0516       0.0866       0.1102       0.1655 
      0.0512       0.1197       0.1579       0.2391 
      0.0440       0.0553       0.0662       0.0955 
      0.0722       0.0643       0.0786       0.1071 

------------------------------------------------------------------------------------


-----------------------------------------------------------------------------  
                         Sharp drift dates;                                   
 -----------------------------------------------------------------------------

   1991.0000    1995.0000    2008.0000    2013.0000       0.0000 
   1980.0000    1991.0000    2012.0000       0.0000       0.0000 
   1986.0000    1998.0000    2003.0000    2013.0000       0.0000 
   1989.0000    1994.0000    1999.0000    2005.0000       0.0000 
   1995.0000    2001.0000    2006.0000       0.0000       0.0000 
   1989.0000       0.0000       0.0000       0.0000       0.0000 
   1991.0000    2000.0000    2012.0000       0.0000       0.0000 
   1991.0000    2011.0000       0.0000       0.0000       0.0000 
   1981.0000    1997.0000    2001.0000    2008.0000    2013.0000 
   1981.0000    1990.0000    2005.0000    2010.0000       0.0000 
   1981.0000    1991.0000       0.0000       0.0000       0.0000 
========================================================================================================

     opt_freq       F stat       90%          95%          99%
      3.0000       4.8867       2.6290       3.5014       5.7350 
      4.0000       4.0580       2.5893       3.4088       5.3891 
      4.0000      30.3746       2.5356       3.3823       5.2638 
      5.0000       3.0576       2.4395       3.2483       5.4015 
      2.0000       3.5671       2.4842       3.2365       5.2377 
      1.0000      50.2114       2.3059       3.0523       5.0303 
      3.0000       9.1169       2.5308       3.3895       5.4318 
      3.0000       3.8693       2.4795       3.2949       5.3442 
      4.0000       4.6378       2.4703       3.3326       5.3447 
      2.0000      52.2931       2.6694       3.6154       5.5886 
      2.0000      17.6254       2.4564       3.3184       5.3551 
========================================================================================================


============================================================================================================
---------------------------- For graph----------------------------
 Please copy export this results to the Excel. Then copy export from excel to Eviews and then give graph
 graph
     -2.3319      -2.3452      -2.4079      -1.6685      -0.5657      -0.7212      -0.8179      -0.9232      -0.6112      -0.6069      -1.4728      -1.7314      -1.2492      -1.3377       0.0813       0.1028      -0.3889      -0.2678      -2.2716      -2.1716      -1.5888      -1.6546 
     -2.2657      -2.3635      -1.5297      -1.5864      -0.8341      -0.8263      -0.7226      -0.9929      -0.6697      -0.5903      -1.5703      -1.5973      -1.3666      -1.3045       0.1991       0.0830      -0.3132      -0.3142      -2.2193      -2.1321      -1.6987      -1.6390 
     -2.2043      -2.3589      -1.1908      -1.5365      -1.0975      -0.9324      -1.2071      -1.0343      -0.4619      -0.5718      -1.6980      -1.4663      -1.2358      -1.2593       0.0731       0.0777      -0.2064      -0.3622      -2.1588      -2.1266      -1.7534      -1.6407 
     -2.1973      -2.3323      -1.1999      -1.5369      -1.1221      -1.0010      -1.2644      -1.0243      -0.5750      -0.5530      -1.7420      -1.3413      -1.1585      -1.2113       0.0495       0.0880      -0.4054      -0.3943      -2.1427      -2.1556      -1.5791      -1.6594 
     -2.4110      -2.2893      -1.0769      -0.9974      -1.0050      -1.0070      -0.9058      -0.9685      -0.7053      -0.5358      -1.5912      -1.2254      -1.1549      -1.1706       0.0334       0.1118      -0.4236      -0.3988      -2.0100      -2.2165      -1.6673      -1.6936 
     -2.1875      -2.2389      -0.7675      -1.0797      -0.9392      -0.9482      -0.8440      -0.8980      -0.6152      -0.5216      -1.1276      -1.1213      -1.0838      -1.1455       0.1893       0.1440      -0.0370      -0.0666      -1.5155      -1.4165      -1.4535      -1.3249 
     -2.0754      -2.1913      -1.1773      -1.1639      -0.6696      -0.8461      -0.7842      -0.8523      -0.4563      -0.5119      -0.8225      -1.0313      -1.2385      -1.1414       0.3864       0.1781       0.0878      -0.0217      -1.2195      -1.5216      -1.3733      -1.3791 
     -2.2214      -2.1567      -1.3538      -1.2191      -0.6719      -0.7378      -0.9347      -0.8569      -0.5629      -0.5076      -0.8737      -0.9577      -1.3931      -1.1591       0.3307       0.2070       0.1608       0.0271      -1.6779      -1.6349      -1.5038      -1.4361 
     -2.3125      -2.1420      -1.2860      -1.2254      -0.7480      -0.6628      -0.9357      -0.9092      -0.5021      -0.5089      -0.9478      -0.9020      -1.1248      -1.1948       0.2230       0.2246       0.0235       0.0620      -1.8665      -1.7460      -1.5478      -1.4906 
     -2.1118      -2.1505      -0.9281      -1.1804      -0.6778      -0.6483      -0.8875      -0.9801      -0.4127      -0.5159      -0.7133      -0.8657      -1.2328      -1.2412       0.3595       0.2273       0.1363       0.0703      -1.8625      -1.8443      -1.4010      -1.5375 
     -2.2087      -2.1803      -1.1685      -1.1005      -0.9511      -1.0742      -1.0542      -1.0298      -0.5679      -0.5279      -1.0395      -0.8495      -1.3527      -1.2887       0.0408       0.2145      -0.0002       0.0489      -2.1317      -1.9209      -1.6248      -1.5724 
     -2.2912      -2.2252      -1.1273      -1.0148      -1.2291      -1.1728      -1.0149      -1.0306      -0.6138      -0.5437      -0.7420      -0.8540      -1.4327      -1.3273       0.0544       0.1890      -0.1325       0.0057      -2.0147      -1.9685      -1.7749      -1.5922 
     -2.1942      -2.2759      -0.8953      -0.9545      -1.2478      -1.2825      -1.1092      -0.9821      -0.4210      -0.5619      -0.4813      -0.8788      -1.1461      -1.3491       0.1874       0.1559      -0.0315      -0.0436      -1.7858      -1.9827      -1.4791      -1.5949 
     -2.2438      -2.3219      -0.9581      -0.9416      -1.3292      -1.3636      -1.4668      -1.7849      -0.5751      -0.5808       1.2590       1.0241      -1.2001      -1.3495       0.1817       0.1222       0.0179      -0.0811      -1.9234      -1.9621      -1.3623      -1.5803 
     -2.6689      -2.3537      -1.1191      -0.9807      -1.5375      -1.3864      -1.9927      -1.7314      -0.5604      -0.5986       1.9049       0.9606      -1.4389      -1.3285      -0.1689       0.0948      -0.3369      -0.0931      -2.1662      -2.0468      -1.5373      -1.5498 
     -1.7432      -1.4802      -0.7328      -0.6107      -1.2859      -1.3426      -1.8377      -1.7252      -0.5690      -0.6136       0.9550       0.8797      -1.0459      -0.9891       0.2838       0.3112      -0.0806      -0.0752      -1.8785      -1.9657      -1.1506      -1.0612 
     -1.6417      -1.4680      -0.8794      -0.6974      -1.3807      -1.2483      -1.9528      -1.7696      -0.6176      -0.6245      -0.0393       0.7834      -1.0222      -0.9418       0.1720       0.3111      -0.0373      -0.0340      -1.9234      -1.8642      -1.1938      -1.0085 
     -1.2798      -1.4351      -0.7946      -0.7624      -1.2272      -1.1376      -1.6010      -1.8399      -0.5482      -0.6303       0.1587       0.6738      -0.9233      -0.8952       0.3269       0.3263      -0.0610       0.0156      -1.7841      -1.7520      -1.0270      -0.9518 
     -1.1072      -1.3885      -0.5385      -0.7818      -1.0081      -1.0511      -1.3284      -1.1903      -0.6901      -0.6304       0.4248       0.5537      -0.7143      -0.8589       0.4987       0.3536       0.0438       0.0554      -1.5411      -1.6394      -0.8225      -0.8961 
     -1.0310      -0.8098      -0.4977      -0.7488      -1.0201      -1.0200      -1.2426      -1.2019      -0.3643      -0.2706       0.1709       0.4258      -0.7870      -0.8405       0.3686       0.3872      -0.0242       0.0711      -1.4529      -1.5369      -0.7399      -0.8469 
     -0.8380      -0.7655      -0.5062      -0.6752      -1.0312      -1.0558      -1.1063      -1.1618      -0.3158      -0.2597      -0.0391       0.2931      -0.6959      -0.8437       0.3947       0.4204       0.2687       0.0568      -1.4898      -1.4542      -0.7174      -0.8086 
     -0.6830      -0.7369      -0.3867      -0.5879      -1.0324      -1.1455      -0.9900      -1.0924      -0.2241      -0.2448       0.1137       0.1587      -0.8205      -0.8680       0.4744       0.4460       0.6004       0.5362      -1.4473      -1.3988      -0.9024      -0.7848 
     -0.6708      -0.7299      -0.2885      -0.5187      -0.9999      -0.8571      -1.0116      -1.0325      -0.1562      -0.2270       0.0329       0.0258      -0.9291      -0.9083       0.4490       0.4589       0.4381       0.4867      -1.4536      -1.3760      -0.6358      -0.7777 
     -0.7232      -0.7459      -0.5801      -0.4928      -0.9700      -0.9488      -1.7423      -1.6421      -0.1232      -0.2082       0.0104      -0.1026      -1.1634      -0.9562       0.4239       0.4564       0.4035       0.4447      -1.3953      -1.3879      -0.6590      -0.7881 
     -0.6499      -0.7816      -0.5677      -0.5195      -0.8463      -0.9879      -1.6994      -1.6776      -0.2166      -0.1899       0.0506      -0.2234      -0.6749      -0.8167       0.5361       0.4389       0.4511       0.4255      -1.4456      -1.4334      -0.7084      -0.8148 
     -0.8083      -0.8296      -0.5884      -0.5893      -0.8793      -0.9602      -1.9359      -1.7457      -0.4220      -0.4483      -0.1156      -0.3337      -0.8665      -0.8504       0.4029       0.4101       0.1668      -0.0105      -1.5996      -1.5082      -0.7830      -0.8555 
     -0.9614      -0.8799      -0.6017      -0.6766      -0.9342      -0.8758      -1.8984      -1.8083      -0.3485      -0.4362      -0.2626      -0.4311      -0.8893      -0.8654       0.3601       0.3760       0.0272       0.0261      -1.6349      -1.6054      -0.9477      -0.9063 
     -0.9133      -0.9221      -0.7049      -0.7497      -0.9952      -1.0612      -1.6882      -1.8305      -0.4635      -0.4291      -0.3437      -0.5131      -0.9239      -0.8584       0.3871       0.3437      -0.0128       0.0752      -1.6416      -1.7159      -1.1099      -0.9626 
     -0.9913      -0.9474      -0.8654      -0.7819      -0.9843      -0.9650      -1.5396      -1.7998      -0.4654      -0.4276      -0.5644      -0.5780      -0.8519      -0.8310       0.4365       0.3198       0.0122       0.1191      -1.6604      -1.8294      -1.1537      -1.0190 
     -1.0404      -0.9506      -0.8802      -0.7616      -1.0045      -0.9181      -0.7981      -0.8062      -0.4737      -0.4318      -0.7477      -0.6241      -0.8780      -0.7888       0.3697       0.3094       0.0477       0.1417      -1.6435      -1.5137      -1.1294      -1.0703 
     -0.8387      -0.9310      -0.8273      -0.6961      -0.9942      -0.9375      -0.8752      -0.7412      -0.1140      -0.0732      -0.6332      -0.6504      -0.7973      -0.7406       0.4187       0.3146       0.2318       0.1349      -1.6795      -1.6022      -1.0930      -1.1117 
     -0.7736      -0.8926      -0.8508      -0.6093      -1.0506      -1.0162      -0.8301      -0.7139      -0.0588      -0.0873      -0.7798      -0.6563      -0.7224      -0.6964       0.1451       0.3343       0.1147       0.1010      -1.6253      -1.6650      -1.0736      -1.1394 
     -0.5616      -0.4730      -0.6254      -0.5327      -1.1498      -1.1254      -0.7500      -0.7397      -0.0247      -0.1045      -0.5301      -0.6416      -0.7188      -0.6654       0.3185       0.3644       0.3543       0.3419      -1.6508      -1.6962      -0.9785      -1.1508 
     -0.5728      -0.4233      -0.6435      -0.4943      -1.1112      -1.2255      -0.7786      -0.8040      -0.0965      -0.1232      -0.5073      -0.6067      -0.6096      -0.6540       0.2913       0.3987       0.3197       0.2964      -1.5709      -1.6930      -0.9874      -1.1447 
     -0.3660      -0.3834      -0.5520      -0.5081      -1.1722      -1.2799      -0.9589      -0.8709      -0.1204      -0.1418      -0.5774      -0.5524      -0.6374      -0.6646       0.4533       0.4301       0.1503       0.2704      -1.3851      -1.3682      -1.0989      -1.1219 
     -0.3033      -0.3615      -0.4521      -0.5690      -1.2167      -1.2689      -0.8032      -0.9031      -0.2383      -0.1584      -0.5709      -0.4800      -0.5567      -0.6950       0.9836       0.9949       0.2422       0.2735      -1.3851      -1.3001      -1.0786      -1.0844 
     -0.1997      -0.3622      -0.3565      -0.1207      -1.3155      -1.1965      -0.9974      -0.8825      -0.3187      -0.1715      -0.5923      -0.3911      -0.4410      -0.3766       0.9175       1.0028       0.4201       0.3045      -1.2818      -1.2078      -1.1030      -1.0357 
     -0.0769       0.2017      -0.3047      -0.2002      -1.4034      -1.3898      -0.9858      -0.8207      -0.3265      -0.1800      -0.5135      -0.2879      -0.4881      -0.4248       0.8133       0.9950       0.5810       0.6955      -1.1440      -1.0997      -1.1473      -0.9803 
      0.1012       0.1609      -0.2021      -0.2445      -1.2938      -1.2864      -0.7680      -0.7521      -0.2756      -0.1829      -0.1197      -0.1727      -0.5628      -0.4674       0.9309       0.9732       0.8672       0.7424      -0.9156      -0.9859      -1.1212      -0.9235 
      0.3224       0.1109       0.0153      -0.2374      -1.1293      -1.2247      -0.5130      -0.7152      -0.0165      -0.1801       0.2271      -0.0483      -0.3710      -0.4955       1.2321       0.9419       0.7554       0.7715      -0.6851      -0.8771      -0.8045      -0.8704 
      0.1889       0.0622      -0.1362      -0.1815      -1.3015      -1.2272      -0.4218      -0.7306       0.0152      -0.1718       0.1964       0.0824      -0.4047      -0.5033       0.9380       0.9076       0.7781       0.7722      -0.8254      -0.7834      -0.7745      -0.8261 
